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Acquisition and leveraged finance for junior lawyers: key terminology, structures, debt instruments, intercreditor arrangements, covenants, parties, documents, stages and tasks

Published by a LexisNexis Banking & Finance expert

Practice notes

What does this guide cover?

This overview sets out the essentials of acquisition finance and signposts our Banking & Finance materials for readers with little or no background in the subject. It explains the meaning of acquisition finance, core terms, characteristics, the main participants and documentation, and the principal tasks undertaken by acquisition finance lawyers. For a fuller primer, refer to Practice Note: Introductory guide to acquisition finance. For a broader orientation to our banking and finance content, see: Banking & Finance—new starter guide.

What is meant by acquisition finance?

A buyer of a business commonly combines its own capital with third-party finance (for example, loans) to complete the deal. Put simply, acquisition finance refers to the debt portion of the funding used to purchase a company. It is commonly linked with leveraged buy-outs, and acquisition finance and leveraged finance are frequently treated as synonymous. In a leveraged buy-out, the acquirer—often a private equity house—purchases the target using a high level of borrowing (leverage) relative to the overall price...

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Web page updated on 21/05/2026

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